A declining number of large U.S. companies are tapping controllers to be CFOs, in part because the CFO role is expanding beyond just numbers. A finance chief must be able to articulate the company strategy to investors, explain complex financial information in clear terms to the board of directors, and have deep knowledge of the company’s operations. Many finance chiefs are now overseeing human resources, information technology, and even operations. Some companies are eliminating the position of COO altogether, folding those responsibilities into the CFO role.

So controllers seeking to position themselves as CFO material must do more than perform their own jobs well. They must take time to immerse themselves in the operations of the business and gain understanding of the treasury function. They also must develop or sharpen leadership, collaboration, and communication skills. To some extent, this means learning an entirely new language. For those who aspire to be a public company CFO, knowledge of investor relations is critical.